The Nylon ring may have had mutiple purposes. Among the others listed here, I once heard the nylon was put in there to soften the brake lever, so it felt more like the front drum brake of old. The front disk brake was a production inovation at the time.
Personally, I think the most important contribution is to guide the brake puck wear so as to keep it from cocking and jamming in the caliper bore over the life of the brake pad.